Congress enacted the Truth in Lending Act (TILA) in 1968 based on findings that the informed use of credit resulting from consumers’ awareness of the cost of credit would enhance economic stability and would strengthen competition among consumer credit providers. One of the purposes of TILA is to provide meaningful disclosure of credit terms to enable consumers to compare credit terms available in the marketplace more readily and avoid the uninformed use of credit. TILA […]
Tag: Consumer Financial Protection Bureau
CFPB RELEASES MORTGAGE ORIGINATION EXAMINATION PROCEDURES
The Consumer Financial Protection Bureau (CFPB) recently announced a key initial step in implementing its Nonbank Supervision program — the publication of the Mortgage Origination Examination Procedures (MOEP). The procedures are a field guide for CFPB examiners looking at mortgage originators in both the bank and nonbank sectors of the industry. The procedures are significant for two reasons: A lightly regulated segment of the mortgage market – independent lenders, brokers, servicers, and others unaffiliated with […]
CFPBs OFFICE OF MINORITY AND WOMEN INCLUSION
Today the Consumer Financial Protection Bureau (CFPB) has established its Office of Minority and Women Inclusion (OMWI), under the guidance of the CFPB’s OMWI working group. An overarching goal for this working group is to ensure the integration of the OMWI mission throughout the Bureau. Among other requirements, OMWI is charged, by statute, with developing standards for: Equal employment opportunity, workforce diversity, and inclusion at all levels of the agency; Increased participation of minority-owned and […]
THE CFPB INHERITS REGULATION X
Congress enacted the Real Estate Settlement Procedures Act of 1974 (RESPA) based on findings that significant reforms in the real estate settlement process were needed to ensure that consumers are provided with greater and more timely information on the nature and costs of the residential real estate settlement process and are protected from unnecessarily high settlement charges caused by certain abusive practices that Congress found to have developed. In 1990, Congress amended RESPA by adding […]
THE CFPB INHERITS REGULATION P
Subtitle A of Title V of the Gramm-Leach-Bliley Act (GLB Act), captioned “Disclosure of Nonpublic Personal Information,” limits the instances in which a financial institution may disclose nonpublic personal information about a consumer to nonaffiliated third parties and requires financial institutions to provide certain privacy notices to their consumers and customers. Prior to July 21, 2011, rulemaking authority for the privacy provisions of the GLB Act was shared by eight Federal agencies: the Board of Governors […]